Redbridge house prices dropped more than London average in February
House prices dropped by 3% – more than the average for London – in Redbridge in February, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 0.7% annual growth.
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Hide AdThe average Redbridge house price in February was £472,296, Land Registry figures show – a 3% decrease on January.
Over the month, the picture was worse than that across London, where prices decreased 1.1%, and Redbridge underperformed compared to the 1% drop for the UK as a whole.
Over the last year, the average sale price of property in Redbridge rose by £3,100 – putting the area 27th among London’s 33 local authorities with price data for annual growth.
The best annual growth in the region was in City of London, where property prices increased on average by 13.4%, to £961,000. At the other end of the scale, properties in Westminster lost 8.8% of their value, giving an average price of £968,000.
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Hide AdWinners and Losers
Owners of terraced houses fared worst in Redbridge in February – they dropped 3.2% in price, to £510,558 on average. But over the last year, prices rose by 1.3%.
Among other types of property:
- Detached: down 2.8% monthly; up 1.8% annually; £1,044,560 average
- Semi-detached: down 2.9% monthly; up 1.1% annually; £670,255 average
- Flats: down 2.8% monthly; down 1.3% annually; £308,139 average
First steps on the property ladder
First-time buyers in Redbridge spent an average of £402,100 on their property – £1,600 more than a year ago, and £34,900 more than in February 2018.
By comparison, former owner-occupiers paid £533,700 on average in February – 32.7% more than first-time buyers.
How do property prices in Redbridge compare?
Buyers paid 11.3% less than the average price in London (£532,000) in February for a property in Redbridge. Across London, property prices are lower than those across the UK, where the average cost £288,000.
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Hide AdThe most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.8 times as much as more than in Redbridge. Kensington and Chelsea properties cost 3.8 times as much as homes in Barking and Dagenham (£345,000 average), at the other end of the scale.
The highest property prices across the UK were in 160.
Factfile
Average property price in February
- Redbridge: £472,296
- London:£532,212
- UK: £287,506
Annual growth to February
- Redbridge: +0.7%
- London: +2.9%
- UK: +5.5%
Best and worst annual growth in London
- City of London: +13.4%
- Westminster: -8.8%